Treasuries slid after Federal Reserve chair Janet Yellen said that the US central bank would consider raising interest rates at its upcoming meetings in prepared remarks to Congress, warning that “waiting too long to remove accommodation would be unwise”.

The yield on the two-year note, the most sensitive to changes in monetary policy, climbed as much as 4 basis points to 1.24 per cent. Yields rise as bond prices fall.

Yields across the curve rose, with the five-year up 5 bps to 1.97 per cent and the 10-year up 5bps to 2.48 per cent.

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